Where We Started
Movo Insurance Brokers Ltd launched in 2010 and its start up story was similar to so many other new brokerages. It was launched by a dynamic broker, that believed he could offer a superior service as an owner-manager. This belief and the personality traits to be successful are ever present in our Industry but starting up is ever more challenging.
The Issue Encountered
The start-up journey was complicated by the fact that running an insurance brokerage was complex and the skill set acquired whilst being a client facing executive does not provide all the expertise required to manage compliance, accounts, reporting, IT, telephony amongst some of the many things a brokerage needs to concern itself with.
It seemed logical that sharing the workload between other brokers made both financial sense and allowed more time to focus on servicing and acquiring new client.
This is what happened and over the years, Movo Insurance Brokers became a shared entity between various brokers all doing a portion of the central functions whilst benefitting directly from their client banks, in many ways, the brokerage was operating like a co-operative.
In 2017 the decision was made to separate the businesses into owner managed limited companies responsible for their own operations whilst the central functions would be taken over by the Movo Partnership. This new entity was to be funded by a fixed monthly commission fee and all brokerages would be Appointed Representatives.
Where We Are Today
The Movo Partnership charter was to operate as cost efficiently as possible and free up as much time as possible for brokers to focus on activities that generated income.
Additionally, the Partnership should aim to run as close to break even as possible and to re-invest any profits into supporting new start-ups and investing into other areas which will further enhance the proposition.
Ours is a true network created by its members for its members.
"Joining Movo as an AR was the best decision I have made to help grow my brokerage.
They have given me the tools and support to become successful in the commercial insurance sector, which I am very grateful for.
I can't recommend them highly enough."
Lea's enthusiasm about the Movo model gave us all the reassurances we needed to choose them and move forward, having looked at several alternatives.
"The process of getting us onboard was fantastic. Setting up as a broker would have been an almost impossible thing to achieve had we not received the support and guidance the Movo Network offers, and still does!"
"The support we get from Movo is amazing - we even get a claims manager to help us with gathering information, putting together paperwork and to help us get a quick settlement of our clients' claims.
The fees we pay are fixed, so we know what the costs to our business are rather than having to guess the impact as we grow. We are free to deal directly with underwriters at the insurance companies, which mean response times are improved, and it also helps us to build better relationships with them, which helps us provide a better service to our clients."